This Is What A Wholesale Dumping Of Europe Looks Like

First, Germany fundamentally faces the same debt dynamics as everyone else in Europe: Namely that it doesn't have a lender of last resort.

Second, this has been in the works for awhile.

This great chart from Morgan Stanley from the 17th shows how that even as peripheral yields have been widening, yields on German bunds haven't been going lower, which means investors haven't been shifting their money intra-Europe, but rather out of Europe altogether.